Quick Polkadot and Kusama 101 in this 10-tweet thread ↘️
It's also important to know what is *not* @Polkadot. Polkadot is not a smart contract platform - you can't build or use Apps on Polkadot. That's what parachains are for.
Here's a look at the @Polkadot tech stack from layer 0, to layer 1 (parachains like @AcalaNetwork), to the application layer (where U.S. fintech app @current is integrating with Acala):
Here is the @Polkadot tech stack from another view. You can see @AcalaNetwork plugging into Polkadot for security and interoperability, all the Substrate pallets/products built into Acala's layer 1 platform (like Ethereum but customized for DeFi), and the Acala Apps built on top.
Polkadot's "Relay Chain" is the core of the network that connects parachains and provides plug-and-play security to any parachain that connects to it. A parachain, like @AcalaNetwork or @KaruraNetwork, is an individual blockchain customized using the Substrate framework.
These are the six key challenges that @Polkadot is solving:
And what is @KusamaNetwork? Kusama is the exact same as @Polkadot, but built for speed and experimentation. Teams can: 1) Run networks in parallel on Polkadot and Kusama 2) Launch on Kusama, then move to Polkadot 3) Run a network exclusively on Kusama
So why have two Relay Chains with @kusamanetwork and @Polkadot instead of just testnet and mainnet?
Kusama introduces a step between testnet and Polkadot, where teams can innovate and experiment in a real value (multi-billion dollar) mainnet environment.
The first-ever parachain slot auction on @kusamanetwork has begun!
Quick rundown of what happened the past week, what's happening now, and what's coming in the next 7 days.
Comment with questions and feel free to share if you learn something ⤵️
In the past week, many teams have opened their 'crowdloan' to garner $KSM contributions from their communities in support of their bid in the parachain slot auction. @KaruraNetwork, for example, currently has 362,791 $KSM in the crowdloan.
We have now entered the 'opening period' of the auction which you could think of as just a 2-day warm-up period. The winning bid cannot be chosen during this period. You'll see a blank screen on Polkadot.js dashboard because crowdloans auto-bid on day 3 - the 'ending period'.
"The Launch of Parachains" has been published by Gavin Wood (@gavofyork) explaining timeline and next steps as we approach the first parachain auction on Kusama. Some new info!
If you don't have time to read or aren't technical, I simplified the key points in 14 tweets below ↘️
With the launch of parachain functionality, Kusama and Polkadot's multi-chain functionality is about to become a reality.
The latest upgrade on Kusama includes the ability to deploy parachains (layer 1 blockchains like Ethereum) to the network. It also includes logic for running parachain slot auctions and crowdloans which can be used to crowdfund a team's auction bid.
It's important to understand what Polkadot and Kusama are enabling with this new approach to a multi-chain network. Polkadot is a 3-layered platform, unlike legacy networks like Ethereum who are just one isolated chain with apps. Here is a simple diagram to explain:
Last year I lost a mentor who was a world-class entrepreneur, a brilliant financial mind, and a family man, who was close to his life goal of buying the Cleveland Browns. Here are some things he taught me about business and life.
My favorite: “Have ridiculous expectations.”
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On Business and Investing:
"You have to think unreasonably. You have to have unreasonable goals, otherwise you will react emotionally. In a simple framework you might double or triple your money and tell your friends about it while you sell out making $50k... (cont.)
..."Yet, the nearly insane person who has an audacious goal of holding $50-100M will ride through the noise until he gets closer to his/her goal and be unfazed by near-term moves.
Think long term, position yourself asymmetrically and have ridiculous expectations."
Polkadot is complicated as hell! This 24-tweet thread is a beginner's guide to @Polkadot $DOT and @KusamaNetwork $KSM in simple English.
What is Polkadot? Kusama? Parachains? Crowdloan and Parachain slot auction?
Comment with other questions and share if you learn something ⤵️
What is Polkadot?
@Polkadot is a platform on which blockchain networks are built and connected into one unified network. These connected chains, called parachains, form a living organism of networks all in sync and secure. This forms the foundation on which Web3 will be built.
Dr. Gavin Wood, @gavofyork, founded @Polkadot after inventing the Ethereum Virtual Machine and the Solidity programming language for #Ethereum as the co-founder and CTO. Ethereum wasn't going to scale, and thus, Polkadot was born in 2017. polkadot.network/gavin-wood/